New York Markets After Hours

FedEx upped at Merrill, firm pricing environment cited

AudeLagorce

LONDON (MarketWatch) -- Merrill Lynch upgraded package delivery service provider FedEx, Corp.
FDX, +0.28%
to buy from neutral, citing expectations for robust Express shipments, a firm pricing environment and resumed margin expansion at Express. The broker told clients that FedEx ground rates are set to increase 3.9% in 2006, in line with UPS, Inc.
UPS, +0.59%
"We believe the annual rate increases for the airfreight integrators are a clear signal that the price competition in the airfreight market is more rational than some believe," Merrill concluded.

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